How Mobile Payment Systems Help Drive Customer Loyalty

Mobile Coupons

Mobile Apps Keeps Customers Coming Back

The modern shopping experience has really been sculpted by mobile payment systems. If a company has a mobile payment option, it tends to be seen as more accessible and satisfying, according to the GSMA Mobile World Congress survey.

When consumers and businesses think of mobile solutions, they are looking for point of sale payment methods, virtual coupons, and offerings tailored to shopping history and targeted deals. Falling short of these expectations will lose a company business, as the modern consumer is used to having many more options at his or her fingertips. A very important aspect of this is being able to track when customers are loyal and reward them for it.

Mobile payments are becoming more complex in that it is now more than just a financial transaction. Both parties are giving and receiving information that can be useful in future purchases and sales. Diarmuid Mallon hinted that companies must have more than just a mobile wallet. They need to have the things a physical wallet would have, such as memberships for loyal customers and potential deals.

Retail is the heaviest hitter as it pertains to mobile payments and that makes sense, as they would help facilitate impulse buys, but other niches are rising in this department. A good example of this would be banks that offer ways for customers to make payments, see their account information and much more all on their phones. This is particularly nice for small business owners, mortgage holders, etc.

Of course, as with any new technology, there is a snag in that mobile payment offerings are still in their infancy, so they are not as commonplace as say an ATM. To add to this, there are many mobile payment services out there and that may be muddying the water for potential users. It may just be too much for the average consumer to take in and accept.

Develop Apps to Engage Your Customers

Unlike mobile payment options, apps have been around and truly accepted by the mainstream for a long time. Retail businesses really should have apps with which to engage their customers and keep them informed.

An app with everything a consumer needs is beneficial to both the consumer and the company. For example, if an app informs consumers about upcoming sales, they can know right away, and the business knows that their customers are aware of their current offerings as soon as they are available. In short, it offers enticement and sales opportunities.

By December 2012, more than half of people living in North America who had mobile subscriptions downloaded a minimum of one app to their phones in the previous year. That is millions of app downloads with many people downloading several a month or even per week. Businesses really need to develop their own applications to stay ahead of the curve.

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